November 2019 Real Estate Market Update – Genesee County, Michigan

We have your November 2019 Genesee County Real Estate Market Update. So let's jump right into this. I always preface this with a couple of things here. You can't believe it's already November. Unbelievable what else? December. But we will do the month in arrears. That's what I was wanting to talk about here in the beginning. We do the month in arrears because we had the data fresh off the press. So we have that data for you. Then we have three years of data that way you can see exactly what's going on. You see the pattern, the trend is your friend remember that. So if we just give you one year of data it wouldn't make any sense. But now we have three years of data so we can see everything going forward and what those numbers mean. So let's jump right into this.

Days on market

DOM - average days on the market. We had 46 two years ago, 37 the last year and 46 this year. It jumped up again a little bit. We're seeing this over the last couple of months. We're seeing these numbers kind of start to shift a little bit. We're almost seeing a little bit of this where they start to get to the top of that crest. We're probably somewhere in here. We're at that place, ladies and gentlemen. So, that's average days on the market.

Active homes on the market

This is a one-off day, right? One day that data was taken. Active homes on the market are 607 two years ago, 854 last year, 872 this year. So the pattern is a little more important in this one month of data.

Month of inventory

One last two years ago, 2 last year and 2.27, about the same as last year actually. So this is really at the rate that homes are selling, how long would it take to sell every last home with no new homes coming in the market? One to three is a seller's market. It means there are not a lot of homes on the market and prices are up. Four to six months is a balanced market and then seven-plus is a buyer's market, meaning there's a lot of homes out there and homes are cheap, so that way it's a quick ratio. Knowing what kind of market we're in. We're still in a seller's market.

New homes in the market

This is a number of new listings that actually came into the market. Four hundred fifty-two two years ago, 479 last year, 401 this year. So now we're seeing a dip again. In the last two months or so, we are seeing an increase in the number of homes in American houses. We're seeing a decrease. This market is insane I tell you.

Price per square foot

Ninety-five dollars two years ago, $258 last year and $97 this year. Anomalies. The data gets messed up sometimes. Sometimes out of the 18 data points you might have one or two that are weird, but it looks like it was about $95-97 over the last couple of years. So it increased a little bit, which is good. But again, we're seeing the lagging numbers or lagging indicator because those are not closings that already happened and it's showing an increase obviously in the price of your home. This is an equity play. This is a countywide data. Take that into consideration. If you multiply this by your square footage, you'll get approximately the value of your home. Now if you want to get a true valuation, have to have an appraiser or a real estate professional, someone on our team come and actually see your home because that is how you're going to get the actual data, not just the generic countywide data. But as I said, more importantly, here's the trend. You see what value your county is giving you in general.


The last one here is the buyer statistic. That's the number of actually closed homes, people signing on the dotted line. Four hundred seventy-six two years ago, 408 last year, 384 this year. We're down a little bit. You don't like seeing that down because it just means that things are grinding to a halt. Not good there, but that's the market update. It is what it is, right? It is what it is.

So, this is your Genesee County in November 2019. Interesting market coming in 2020, where I see what happens next month or two should be really interesting. Probably the next three or four months. It's really interesting to see what happens. Stay tuned, we'll bring it to you. I appreciate your time, your energy, your effort to be here, your attention. It's the most important asset we have. So I appreciate you being here. If you are on the podcast, go to @legacygroupmi, on YouTube or Facebook to go comment there. We would love to have your feedback and answer any questions you have. We'll see you guys in the next one.